Cayman Court Sides With Core Foundation in Maple Finance Dispute Over Bitcoin Staking Product
The Grand Court of the Cayman Islands has granted Core Foundation an injunction against Maple Finance entities amid allegations of breached agreements concerning lstBTC, a Core-powered liquid staking product for Bitcoin. Justice Jalil Asif KC's October 30 ruling cites potential violations of confidentiality provisions and a 24-month exclusivity clause.
The dispute stems from a February partnership where Core Foundation claims to have made substantial investments in Maple's development of lstBTC - a product enabling Bitcoin holders to earn yield while maintaining custody with licensed providers like BitGo and Copper. Initial traction saw $150M in BTC purchases through an early OTC version of the yield product.
Maple Finance had under $500M in assets under management when the collaboration launched. The partnership was announced at Consensus Hong Kong, with CORE emphasizing its technical and financial contributions to the venture.
